Chainlink Whales Dump $6M Worth of LINK – So What Will Happen Next?

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Chainlink whales have been acting rather suspiciously as LINK price continues to catch holders off guard. Chainlink (LINK) price, much like the rest of the crypto market turned in favor of bears as high daily losses painted the market red. 

LINK price spiked to a three-month high of $9.20 despite the larger crypto market’s volatile tone. The global crypto market continued its bearish run with most of the top cryptos trading at high daily and weekly loss. 

Chainlink price plunged by a massive 22% into the day trading at $6.84, while BTC and ETH were down by 9 and 17%. This bearish pullback reversed the token’s recent over 20% gains registered since October-end. 

On Nov. 8, LINK price was on its way to recovery, charting a three-month-high. Santiment data showed that the recent rise in price was supported by the largest amount of active LINK addresses in five weeks, alongside traders longing aggressively. 

LINK DAA and Funding Rate | Source: Sanbase Twitter

At press time, Santiment data showed that while daily active addresses had slumped considerably, they still held above average levels. 

IntoTheBlock data presented that holder addresses for Chainlink grew by 4.18%, while traders saw a 27.47% growth. However, cruisers saw a 7.73% decline in tandem with LINK price over the last three months. 

Daily Addresses Chainlink (LINK) | Source: IntoTheBlock
Daily Addresses LINK | Source: IntoTheBlock

While Chainlink holders were growing, there wasn’t much in it for them with price down 87% from its all-time-high price of $52.68 made in May 2021.

In addition, LINK short-term and long-term ROIs presented rather grim numbers, with yearly ROI vs USD at -80.22%, and three-month ROI around -25.34%. 

Chainlink whales were earlier supporting the LINK bullish price momentum, but have now seemed to turn their eyes. The LINK supply percentage held by addresses with a balance between one million LINK and 10 million LINK dumped 880,000, worth over $6 million at press time price. 

Chainlink (LINK) whales addresses | Source: Sanbase 
Source: Sanbase 

Even though LINK still made it to Ethereum whales’ list with top 500 ETH whales holding $40 million worth of LINK tokens, was it enough to keep the price moving?

Going forward, if LINK price fell below the $5.45 mark, where roughly 61,260 addresses hold 575 million LINK, the same could spell trouble for prices. Between the $3.56 and $6.80 price level, the largest concentration of Chainlink tokens were purchased, thus making this zone a significant demand wall. 

In and Out of Money Around Price | Source: IntoTheBlock Chainlink (LINK)
In and Out of Money Around Price | Source: IntoTheBlock

However, if price continues its downtrend, LINK could see a fall below the $5.00 psychological support. In contrast, if Chainlink whales start accumulation again LINK could see a bullish push back to the $8.50 mark. 

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